Inshur

INSHUR is a global on-demand insurance provider focused on commercial auto coverage for the on-demand driver economy, including rideshare drivers and couriers working on platforms such as Uber and Amazon. The company positions itself as an embedded insurance platform, integrating its technology into partner platforms so that drivers can obtain and manage policies within the platforms they already use. Its operations span the United States, the United Kingdom and the Netherlands.

The company manages the full policy lifecycle from quote to purchase to claims, with in-house claims handling teams across the US and Europe. It underwrites commercial driver coverage using proprietary data processing and technology, including real-time rating and pricing, which investors describe as producing lower loss ratios for capacity partners. In April 2023 INSHUR acquired American Business Insurance Services (ABI), a commercial transportation insurance producer established in 1983 that insures more than 50,000 vehicles, extending INSHUR's ability to serve on-demand drivers and fleets in all 50 US states.

Founding story

Co-founder Dan Bratshpis began his career on Wall Street working on the transition to algorithmic technology and moved into the on-demand economy space in 2016, seeing the insurance industry as similarly open to technology-driven change. As an immigrant to the United States, he observed that on-demand platforms such as Uber, Amazon and Turo enabled many entrepreneurs to earn a living. He is a graduate of Cornell University.

Business model

INSHUR distributes and underwrites commercial auto insurance for on-demand drivers and fleets, embedding its technology into partner platforms and handling the process from quote and purchase through to claims. The company describes its embedded partnership model as capital-light with efficient unit economics, and works with capacity partners who benefit from its loss ratio performance.

Traction

The company stated it expected the combination of embedded partnerships and the ABI acquisition to accelerate its growth in 2023 by over 200%. ABI, acquired in April 2023, insures more than 50,000 vehicles across the United States. Investors noted an emphasis on profitability and low loss ratios.

Latest developments

In April 2023 INSHUR announced the acquisition of American Business Insurance Services and a $26 million capital raise from existing investors JVP, Munich Re Ventures, Viola Fintech and MTech Capital, intended to scale its US operations and build out its claims team and related technology.